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Market Brief
The new trading week has gotten-off to a mixed start this morning after China’s released better-than-expected growth data, while growth data from the Japanese economy came in softer than analysts had been expecting.
Data out today showed that China’s industrial output and retail sales grew much better-than -expected last month, despite new measures to control COVID-19 outbreaks and supply shortages in China.
Economic output in China grew by 3.5% in October from the same period a year ago, official data showed, while Retail sales growth also picked up. The world’s second-largest economy had staged an impressive rebound from last year’s pandemic slump.
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The Chinese economy has since lost a lot of momentum as a slowing manufacturing sector, debt problems in the property market, such as China Evergrande and other large housebuilders face defaults, and of course new COVID-19 outbreaks.
Looking at Japan, Q3 GDP a 0.8% quarter-on-quarter rise was expected, however, today’s number show just a -0.2% quarter-on-quarter rise. It is noteworthy that the prior quarter recorded growth of 0.5%.
On an annual basis over the same period last year a-3.0% rise was recorded, against the. expected -0.8% year-on-year rise. Data showed that exports fell by -2.1% quarter-on-year, marking the first fall in five quarters.
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The latest comments from a Japanese data spokesman says declines in autos, household electronics consumption dragged down private demand. Auto, constructions, production were contributors to the capex decline. Governor Kuroda has also been on the wires saying that growth is coming in weaker than the central bank anticipated.
Asian stocks are generally mixed as fears linger over the Chinese property sector, with Chinese stock treading water and the Nikkei 225 slightly lower. European stocks are drifting lower alongside US futures markets.
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Traders look forwards the New York Manufacturing release later today, while the main event for traders this week include the RBA Meeting Minutes, RBA Governor Lowe delivering a scheduled speech, UK CPI and Jobs data, and US retail sales. ECB President Lagarde also delivers a scheduled speech on Friday.
Cryptocurrencies have also started the new trading week with a bang, with Bitcoin moving towards the $66,000 level after the $62,000 support level acted as rock-solid price support over the weekend.
